Larry, a Merchant Seller, Had Contracted with Simon, to Buy

question 79

Multiple Choice

Larry, a merchant seller, had contracted with Simon, to buy welding equipment. The contract stipulated that Larry would pick up the equipment from Simon's warehouse on the 14th day from the date of the contract. But Larry could not make the pick up on that date and before he could do so on the 15th day, the warehouse was burned down by miscreants. In this situation, who bears the risk of loss of the goods that were to be received by Larry?

• A) The risk of loss lies with Larry for delaying the pick-up.
• B) The risk of loss lies with Simon for not protecting the goods.
• C) The risk of loss is equally shared by Larry and Simon.
• D) The risk of loss is shifted to the persons responsible for the fire.

Outline the steps involved when initiating and proceeding with a civil lawsuit.

Discuss the methods and challenges associated with enforcing court judgments.

Understand the concept and implications of "dry" judgments.

Identify the limitations and applications of garnishment in debt recovery.

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Definitions:

Unemployment

The condition of being without a job, while actively looking for one and being willing to work.

Minimum-wage Laws

Legislation that sets the lowest hourly wage rate that can be paid to workers, intended to protect employees from unduly low pay.

Labor Force

The total number of people employed and unemployed, actively seeking work in an economy.

Equilibrium Level

The state in which market supply and demand balance each other, resulting in stable prices and quantities.